Københavns Lufthavne A/S (KBHL.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+24.7%

DKK 7,083.00

vs DKK 5,680.00 price

Levered DCF

-DKK 8,398.50

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.91

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	44.31×	47.27×	137.93×	244.86×	-88.91×	-66.17×	44×	38.48×
P/B	10.85×	12.47×	12.77×	17.34×	18.29×	15.88×	13.78×	13.78×
P/S	9.75×	9.47×	8.97×	13.24×	26.12×	26.8×	10.33×	9.57×
EV / EBITDA	22.96×	22.14×	27.7×	40.77×	119.97×	280.43×	22.43×	19.71×
Gross margin	34.3%	39.0%	25.6%	22.5%	-29.5%	-52.3%	40.1%	43.1%
Operating margin	33.3%	31.7%	16.7%	11.7%	-28.7%	-45.4%	33.0%	35.6%
Net margin	22.0%	20.0%	6.5%	5.4%	-29.4%	-40.5%	23.5%	24.9%
Current ratio	0.16×	0.22×	0.35×	0.11×	0.63×	0.24×	0.18×	0.31×
Debt / equity	1.83×	2.38×	3.39×	3.68×	4.17×	3.61×	2.57×	2.33×
Interest coverage	9.04×	6.12×	2.42×	2.44×	-4.11×	-7.38×	10.02×	9.34×
Dividend yield	0.4%	0.1%	0.2%	0.1%	0.0%	0.6%	2.0%	2.9%
Payout ratio	16.5%	4.6%	28.8%	30.9%	0.0%	-37.2%	89.7%	109.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.5%	26.4%	9.3%	7.1%	-20.6%	-24.0%	31.3%	35.8%
Return on invested capital	8.9%	8.4%	3.4%	2.4%	-2.7%	-4.2%	8.9%	11.3%
Return on assets	7.0%	6.3%	1.7%	1.3%	-3.4%	-4.5%	7.2%	8.5%
Free cash flow yield	0.9%	1.3%	0.1%	-1.6%	-1.5%	-3.2%	-0.8%	0.5%
Earnings yield	2.3%	2.1%	0.7%	0.4%	-1.1%	-1.5%	2.3%	2.6%
Enterprise value	DKK 62.8B	DKK 57.2B	DKK 46B	DKK 56.6B	DKK 56.4B	DKK 51.8B	DKK 53.3B	DKK 49.6B
Net debt / EBITDA	3.29×	3.54×	5.79×	7.07×	22.12×	51.71×	3.52×	2.79×
Cash conversion cycle (days)	-65	-46	-45	-58	45	-18	-43	-133